Chapter one business law
Specific performance
Requires the party in breach to completely perform their part of the bargain according to the contract. For example to give good which have already been paid off, or render payment for services.
Discuss the different forms of legal reasoning
Rule based reasoning, reason by analogy, distinguishing cases, reason by policy, inductive reasoning.
Example of an equitable remedy
Ted buys land and signs contract with the seller. The seller breaks the contract and doesn't sell the land. He sues the seller and gets back any form of payment that he payed. In this case he it's not the remedy he seeks, he wants the courts to make the seller perform the contract and sell the land. He wants equitable remedy because monetary damages are inadequate.
Defendant
The person defending the civil lawsuit.
Plaintiff
The person filing the civil law suit with the court clerk
Real party in interest
The person or entity that will be directly benefited or Injured by the outcome of the case. (Example the person who owns or leases the property)
What is the purpose of legal precedence
To provide predictability, fairness, stability, and efficiency in law.
What is cyber law and how does it play a role in today's legal industry?
Traditional legal principles that have been modified to fit our age. (Flexibility in our system.)
How many remedies are offered
Two
What equitable remedies are available in a breach of contract dispute?
3. Specific performance, contract rescission, contract reformation.
Can a court depart from legal precedents?
A departure from precedent normally only occurs if the precedent in question is though to be incorrect or inapplicable.
Equitable remedies
Actions that the court prescribes which will serve to resolve the breach or dispute
Legal remedies
Allow the party to recover monetary damages. ( money, material compensation)
Explain the distinctions between civil and criminal law.
Civil law the defendant is never incarcerated or executed. Criminal law, you can face jail time, pay fines to government, or death penalty. Misdemeanors and felonies.
Contract recission
Where an old contract was breached and is rescinded or cancelled. A new contract may be written which will clearly adress the different needs of each party.
Name the parties to a civil proceeding
Defendant, plaintiff, real party of interest
Equitable remedies
Distinct category of remedies that can be obtained in a breach of contract situation.
What are case citations?
Identify past court decisions in books or law reports.
What is the distinction between legal and equitable remedies
Legal remedy is monetary damages. Equitable remedies is an injunction.
Example of resitutionary damages
If one party has not paid for the goods that have been delivered.
What are four components to legal reasoning?
Issues, rule, fact, Analysis, conclusion
When does contract reformation happen?
Its often prescribed where there was a mistake or misintepretation in one of the contract terms.
How does stare decisis make the law more stable and predictable
Law systems are more consistent, stable, and predictable with their rulings. More efficient courts due to a faster rate at which case move through the legal system.
Monetary compensation
Payment. For example money paid to an employee for the use of the employees labor
Restitutionary damages
Prevent one party from being unjustly enriched through their breach. (If one party has delivered their goods but the other has not paid for them, then a judge may order the breaching party to pay restitutionary damages in order to prevent the unjust again.)
Contract reformation
The former contract is rewritten in a manner that reflects the true intentions of each party more accurately. ( there has to be an existing contract, or else theres nothing to rewrite)
How would you research case law?
You can find some limited data bases online, also commercial electronic databases.
